Amended US bill draws praise, dollar issuance likely to grow

While the euro covered bond market slows, the dollar pipeline continues to build. Cheap funding and diversification are attracting issuers, while US demand for trusted European names remains unabated. Dollar issuance is expected to expand in the latter half of 2011, which may have the added bonus of supporting the case for US covered bonds. The latest incarnation of the US Covered Bond Act of 2011 has been well received by market participants, including Moody’s, which published a statement on the amended bill on Monday.

  • 01 Jul 2011
HSBC became the latest issuer to tap the dollar market on Tuesday, launching an inaugural $1.25bn three year deal through leads BNP Paribas, HSBC securities, RBS Securities and Société Générale. The spread on the 144A/RegS transaction was fixed at 58bp over mid-swaps, which one syndicate official said was ...

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Bookrunners of Global Covered Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 6,314.80 30 6.51%
2 UniCredit 5,757.33 48 5.94%
3 LBBW 5,650.96 32 5.83%
4 Natixis 4,708.38 22 4.85%
5 Credit Agricole CIB 4,632.01 23 4.78%

Bookrunners of Global FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 25,438.29 122 6.99%
2 JPMorgan 24,499.20 108 6.73%
3 Bank of America Merrill Lynch 22,347.02 90 6.14%
4 Morgan Stanley 19,861.29 104 5.46%
5 Goldman Sachs 18,121.76 154 4.98%

Bookrunners of Dollar Denominated FIG

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 20,187.92 74 10.87%
2 Citi 20,179.64 96 10.87%
3 JPMorgan 19,509.84 85 10.51%
4 Morgan Stanley 16,529.18 77 8.90%
5 Goldman Sachs 15,636.39 136 8.42%

Bookrunners of Euro Denominated Covered Bond Above €500m

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Natixis 3,944.55 14 7.40%
2 HSBC 3,694.64 13 6.93%
3 LBBW 3,692.39 14 6.93%
4 Credit Agricole CIB 3,687.68 15 6.92%
5 Deutsche Bank 3,304.65 12 6.20%

Global FIG Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 Morgan Stanley 365.83 497 7.62%
2 JPMorgan 332.66 618 6.92%
3 Bank of America Merrill Lynch 299.89 590 6.24%
4 Goldman Sachs 276.71 375 5.76%
5 Citi 264.54 592 5.51%

Bookrunners of European Subordinated FIG

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 3,286.19 8 13.90%
2 UBS 3,110.84 10 13.15%
3 Barclays 2,579.55 5 10.91%
4 BNP Paribas 2,246.30 9 9.50%
5 HSBC 1,533.23 10 6.48%